Company: Commonwealth Bank of Australia
Brand value: US$1,198 million
Change since 2018: -10%
Headquarter city: Perth
Year formed: 1895
Bankwest positions itself as an innovator in the banking sector. Its Halo Ring, a wearable payment ring that works like a contactless card but is waterproof to 50 meters, has been a notable industry first. The bank says that more than 15,000 rings have been sold in the year since their launch, and those who have them use the rings for a quarter of their transactions. Bankwest is focusing its attention on developing more digital banking options; in mid-2018, it closed 29 branches and cut 200 jobs, citing a growing consumer preference for banking online rather than in-branch. This premise was behind the “Bankwest, Bank Less” campaign launched later in the year, which was built around the role Australian consumers want their banks to play in their lives – a smaller one. Bankwest has become a sponsor of WA Pride, which organizes the annual Perth Pride Parade, and has naming rights to the old Paramatta Stadium. In early 2019, Bankwest urged the business community to hire more people with autism.